by Radoslav Tomek, Ott Ummelas, Karl Stagno Navarra at Bloomberg
Prime Minister Alexis Tsipras was given three days to push new austerity measures through parliament and keep alive Greece’s chances of staying in the euro.
Finance ministers meeting in Brussels demanded Greece enact economic reforms before opening detailed negotiations on an aid package of at least 74 billion euros ($83 billion). They left it to the region’s leaders, who started their own session a few hours later, to pin down how far those measures should go. If Tsipras misses that deadline, Greece may be suspended from the currency union, Finnish Finance Minister Alexander Stubb said.
“Greece is being given exactly two choices,” Stubb said. “It’s a rather black-and-white choice.”
Riled by six months of personal attacks and contradictory messages from Athens, euro-area policy makers are forcing Tsipras to overcome the credibility gap they said was a key hurdle to more loans. They’re no longer willing to take him at his word.
“The situation is extremely difficult if you consider the economic situation in Greece and the worsening in the last few months, but what has been lost also in terms of trust and reliability,” German Chancellor Angela Merkel told reporters.
With Greek banks rationing cash and